S. Korea's exports down for 7th month in April on falling chip demand

▲ This file photo taken April 2, 2023, shows a port in the southeastern city of Busan. (Yonhap)

trade balance-April

S. Korea's exports down for 7th month in April on falling chip demand

SEOUL, May 1 (Yonhap) -- South Korea's exports fell for the seventh consecutive month in April due mainly to sagging global demand for semiconductors amid an economic slowdown, the industry ministry said Monday.

Outbound shipments fell 14.2 percent on-year to US$49.6 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

The decline came as exports of semiconductors, the country's key export item, sank 41 percent on falling demand and a drop in chip prices.

Imports fell 13.3 percent on-year to $52.2 billion in April, as the country's energy imports went down 25.8 percent on-year, the ministry said. South Korea depends on imports for most of its energy needs.

Accordingly, the country suffered a trade deficit of $2.6 billion last month.

Imports have exceeded exports in South Korea since April last year on high energy prices, and it is the first time since 1997 that the country has logged a trade deficit for 14 months in a row.

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